Remortgaging worry for former first time buyers

02-Jul-2007

First time buyers who have bought their first property within the past few years could be looking to remortgage as new financial conditions take hold, it has been suggested.

The latest monthly report from the Council of Mortgage Lenders (CML) noted that remortgaging rates had already increase by six per cent from January to May of this year in comparison with 2006 figures.
And further rate rises combined with over two million fixed rate deals maturing over the course of this year and next will add to existing pressures, the report suggested.

"Remortgaging is likely to increase in importance this year and next," advised the CML.

"[Maturing deals have] the potential to make a sizeable impact on more highly leveraged borrowers who refinance, or go onto a variable rate, in a higher interest rate environment than when they took out their initial deals," the industry body added.

In the last month both the governor and the deputy governor of the Bank of England have hinted that rates may need to rise again in the near future.

To find out about those mortgages specifically aimed at first time buyers, see our best buys for first time buyers table.

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